Published on February 17th, 2020
Move designed to help Retailers get compliant with new Regulatory Mandates
- HDFC Bank and leading payment solutions provider, Innoviti Payment Solutions, announced their new partnership to extend HDFC Bank’s DigiPOS suite of services across Innoviti POS terminals, thereby enabling Innoviti retail merchants to seamlessly process UPI and Bharat QR transactions on their existing POS infrastructure itself. The move is designed to offer retailers a convenient one-stop solution to compliance with recent Regulatory Mandates on compulsory provision of UPI & BharatQR acceptance by all businesses with turnover exceeding Rs. 50 crores.
- In conjunction with this move, Innoviti also announced parallel plans to merge its existing mobile number entry-based GooglePay UPI-app acceptance solution currently running in offline retail, with the new HDFC Bank DigiPOS interface being enabled.
- With the new HDFC Bank DigiPOS enablement, Innoviti merchants will now be able to use their existing Innoviti POS terminals to offer customers the additional payment options of UPI and BharatQR payments via any of the popular mobile phone -based front end UPI-apps like GPay, PhonePe, PayTM, Payzapp etc. This will enhance payment convenience for end customers.
- Backed by tighter and more seamless integration with backend HDFC Bank interface, the new solution is in line with Innoviti’s persistent efforts to minimize front-end process friction at checkout points for both cashiers and customers when using UPI/BharatQR payment modes. Payment by UPI/BQR modes will be via a simple process of QR code being generated on the screen of the Innoviti POS terminal, from where it can be scanned by the UPI/BQR app on the customer’s mobile phone.
- On the back of similar earlier efforts, transactions processed through Innoviti’s already existing dynamic UPI QR code acceptance solution had recently seen a nearly 10X jump in Q3. Similarly, transactions processed using GooglePay jumped nearly 2X in same period. The introduction of the new HDFC Bank DigiPOS interface is likely to further accelerate this growth by providing even more seamless usage experience.
- Across India Innoviti processes over US$ 6.5Bn of payments annually from over 1000+ cities, with a throughput per point of acceptance of 7000$, 2X of India’s average (as per RBI data). Innoviti’s payment solutions help merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through unconventional use of payment terminals.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore and Catamaran, India.
“At HDFC Bank, we have always been at the forefront of digitalisation so we can offer convenience and flexibility to the eco-system. We are therefore delighted to offer our HDFC Bank DigiPOS suite of services across Innoviti POS terminals. It will enable retailers to seamlessly process UPI and Bharat QR transactions on their existing POS machines while also staying compliant with recent changes in regulation,” said Mr. Parag Rao, Group Head, Payment Solutions and Marketing”
Ms. Amrita Malik, Chief Business Officer, Innoviti:
“Consistent innovation to meet business needs of our merchant partners while improving front-end usage experience for both their cashiers and customers, is at the very core of Innoviti’s DNA. We are delighted to join hands with a like-minded partner like HDFC Bank, to further strengthen our product by bringing our merchant partners an easy one-stop solution to becoming compliant with the new regulatory mandates for UPI and BharatQR acceptance provision. Our ultimate goal is to bring user experience of these new payment modes in offline retail on par with its perceived convenience in the online space”
About Innoviti Payment Solutions Pvt. Ltd.
Innoviti Payment Solutions runs a payment platform that has a unique ability to add intelligence to traditional payment channels, enhancing their value. Merchants, brands and financial service providers use these intelligent payment channels to reduce cost and drive sales of their products. Innoviti processes over Rs. 40,000 Cr. of payment transactions, about 6% of all offline merchant payment transactions in India. This also includes Rs. 1,500 Cr. of transactions involving distribution of loans to consumers and small businesses. The most capital efficient company in this space, Innoviti processes more volume for every $ raised than any other payments company. The company is backed by marquee investors such as Catamaran Ventures, SBI Venture Capital and Bessemer Venture Partners.
For more information, please visit – http://www.innoviti.com
Sarath Chandra Nerella
Associate Vice President – Marketing Communications
Innoviti Payment Solutions Pvt. Ltd.